2018 New Year’s Resolutions to keep
If you’re like me every January I work on a new healthier me; I start exercising more (start being the key word) and I eat healthier. But, what about an additional New Year’s Resolution about the health of our financial life? Below are the top three ideas for a financially healthy 2018:
- Get your estate planning documents in order:
- An essential part of financial planning is having your wishes in writing which would include an up to date will, living will and power of attorney documents.
- A will documents where you would like your assets to go once you pass
- If you are a parent of minor children it’s important to have a guardian in your will in the event you and your spouse pass at the same time.
- A living will, documents your wishes in the event you are put on life-support
- The financial power of attorney documents who should take over your finances in the event you are alive, but incapacitated. The individual you name as your health power of attorney makes health-related decisions for you if you are unable to make your own decisions.
- Increase your savings & reduce your debt in 2018:
- A good rule of thumb or resolution you can make every year is increase your retirement plan contributions by 1% automatically
- This will allow you to save more every year based on hopefully an increased salary
- You may also need to increase your emergency savings. Commit to making a monthly deposit to your savings account.
- If you have unwanted debt that is keeping you from feeling financially secure put together a plan to reduce and ultimately eliminate this debt
- Think about your overall financial plan and how you will need to change other aspects of your plan to reduce your debt and/or increase your savings
- Don’t have a financial plan?
- It’s never to early or late to identify and prioritize your life-goals.
- Having a plan in place identifying your goals allows you to put together a meaningful investment plan, savings plan and at retirement a meaningful income plan.
- Please visit our Family Wealth Planning process for more info: https://windsorwealth.management/wealth-management/
If there is anything that we can do to help you accomplish your goals in 2018 please let us know.
Happy New Year!
CERTIFIED FINANCIAL PLANNER™
Partner, Windsor Wealth